DENVER, Aug. 13 /CNW/ -- Newmont Mining Corporation (NYSE: NEM)
("Newmont" or "the Company") is pleased to announce that its Boddington mine
in Western Australia successfully produced its first gold and copper
concentrate, processing approximately 100,000 tonnes of ore during the first
two weeks of August.
Richard O'Brien, President and Chief Executive Officer of Newmont said,
"I am proud to have been at site to witness the production of our first
concentrate, which is a testament to the dedication and focus of the talented
Newmont employees and contractors who have worked so diligently to safely
complete this project. As we continue to ramp-up toward commercial
production, Boddington will become a cornerstone asset in our portfolio."
Key operating highlights for Boddington are expected to include:
-- First five year average annual gold production: ~1,000,000 ounces;
-- First five year average costs applicable to sales (net of by-product
credits): $300 per ounce;
-- Proven and probable gold reserves: 20.1 million ounces; and
-- Estimated mine life in excess of 24 years.
Boddington is a large, open pit mine in Western Australia, located 130
kilometers southeast of Perth. The Company continues to expect total capital
costs to be between $2.8 and $2.9 billion on a 100% basis.
Boddington will be Australia's largest gold producer upon completion.
Newmont believes Boddington has significant exploration potential with gold
reserves increasing from 16.6 million ounces in 2007 to 20.1 million ounces in
In June, Newmont completed the acquisition of the remaining 33.33%
interest in the Boddington project from AngloGold Ashanti Australia Limited, a
wholly-owned subsidiary of AngloGold Ashanti Ltd.
This news release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended that are intended to be
covered by the safe harbor created by such sections and other applicable laws.
Such forward-looking statements include, without limitation (i) estimates of
gold and copper production and sales; (ii) estimates of costs applicable to
sales; (iii) estimates of capital expenditures, project costs, and expenses;
(iv) estimates regarding timing of future development, construction,
production or closure activities; (v) statements regarding future exploration
results, exploration expenditures, and reserves; and (vi) expectations
regarding the start-up time, design, mine life, production, costs applicable
to sales and exploration potential of the Boddington mine. Where the Company
expresses or implies an expectation or belief as to future events or results,
such expectation or belief is expressed in good faith and believed to have a
reasonable basis. However, forward-looking statements are subject to risks,
uncertainties and other factors, which could cause actual results to differ
materially from future results expressed, projected or implied by such
forward-looking statements. Such risks include, but are not limited to, gold
and other metals price volatility, currency fluctuations, increased production
costs and variances in ore grade or recovery rates from those assumed in
mining plans, political and operational risks in the countries in which we
operate, and governmental regulation and judicial outcomes. For a more
detailed discussion of such risks and other factors, see the Company's 2008
Annual Report on Form 10-K, filed February 19, 2009, as amended by Annual
Report on Form 10-K/A filed June 8, 2009, on file with the Securities and
Exchange Commission, as well as the Company's other SEC filings. The Company
does not undertake any obligation to release publicly revisions to any
"forward-looking statement" to reflect events or circumstances after the date
of this news release, or to reflect the occurrence of unanticipated events,
except as may be required under applicable securities laws.
For further information:
For further information: Investors, John Seaberg, +1-303-837-5743,
email@example.com, or Media, Omar Jabara, +1-303-837-5114,
firstname.lastname@example.org, both of Newmont Mining Corporation Web Site: